The cloud service assurance market is projected to grow at a CAGR of 13% during the forecast period ranging from 2023 to 2033. As of 2023, the valuation of the cloud service assurance market is expected to total US$ 2.75 billion.
The market value of cloud service assurance is anticipated to reach US$ 9.4 Billion by the year 2032. A historical CAGR of 10% has been recorded for cloud service assurance by Future Market Insights.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | US$ 2.5 billion |
| Expected Market Value (2023) | US$ 2.75 billion |
| Anticipated Forecast Value (2033) | US$ 9.4 billion |
| Projected Growth Rate (2023 to 2033) | 13% CAGR |
With software and automation, cloud service assurance has transformed into a competitive digital service provider, increasing customer satisfaction and streamlining operations. For businesses in the cloud and 5G era to succeed, they are continuing to evolve their operations and assurance in order to differentiate their service quality. Businesses are relying on business service operations to identify, understand, troubleshoot, and resolve any issues before they impact their customers.
Big data technologies and analytics are becoming increasingly important in cloud computing services, which will create ample opportunities for the market for cloud assurance during the forecast period. Assuring cloud services is about ensuring their reliability, accessibility, scalability, and security.
As 5G technology becomes more ubiquitous, a rapid shift towards a digital era will further fuel market growth. Monitoring and validation of service availability and performance, qualification of security configurations, and assessment of regulatory compliance are all part of the process. In addition, guidance is provided on how to improve service quality. Aside from assisting organizations in planning for and responding to cloud outages, service assurance can also provide visibility into cloud utilization and help manage cloud-related risks.
Among the factors supporting the market are:
Businesses are offering a tried-and-true approach to automate the end-to-end service assurance process. Through cloud-native networks of 5G and beyond, operators can reduce operating costs while preparing for future challenges through future-proof solutions for mobile, fixed, and cloud networks.
The 2017 RightScale State of the Cloud Survey and the report found that 85% of corporations have a multi-cloud strategy and 95% use infrastructure-as-a-service applications. As businesses and customers look for more agility, the retirement of legacy systems, and capital cost savings, enterprises are expected to migrate to cloud-based services.
The cloud services industry is expected to continue to grow exponentially over the next few years. With organizations looking for flexible and scalable solutions for data storage and processing, the use of cloud computing may become the norm. Moreover, they intend to develop a platform that will make it possible for the employees to handle critical applications and data efficiently.
Various organizations in North America and Asia Pacific are increasingly turning to cloud-based security applications due to the growing popularity of cloud-based security applications in recent years. An increasing number of cloud service providers in regions such as the United States, Canada, China, India, and others is increasing the market for cloud service assurances. There has been a steady rise in the number of data breaches, cyber-attacks, and the demand for high-speed internet and the use of smartphones to propel the growth in the cloud service assurance market for the past couple of years.
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Companies are offering contextual, autonomous cloud solutions that enhance enterprise IT service outputs via performance management and end-to-end configuration capabilities. Self-learning operational models improve service quality by predicting storage, processing, and usage requirements, and facilitating cloud-to-cloud capacity upgrades.
Such companies are offering cloud computing portfolios with cloud service assurance solutions for native and hybrid cloud infrastructures. Cloud service assurance solutions identify the root causes of performance issues and offer actionable insights to resolve the issues.
Cloud orchestration, cloud governance, and advanced algorithms for cloud service assurance ease configuration management for enterprises, while preventing application and service outages. Cloud service assurance solutions leverage software development and IT operations (DevOps) automation, along with usage analytics, to facilitate resources as per demand.
Automated monitoring and provisioning of the cloud enhances user experience and improves service management.
Digital transformation is reforming enterprise operations that require monitoring, management of storage capacities, and data security. Reforms in such capabilities improve operational productivity for end-users. Strategy consultants, business operations analysts, and cloud computing solutions and service providers are focusing on every aspect of procurement direction end-users might choose while incorporating a cloud computing strategy.
Underlying cloud infrastructure and service have come to a point where uptime is the most expected feature. End-users are finding it difficult to choose cloud solutions and service providers based solely on claims of staffing support, available software packages, or data center space. Companies are now expected to include cloud service assurance techniques that the cloud solution and service providers adhere to.
End-users are focusing on integrating their infrastructure into the cloud in order to enhance archival capabilities and ensure quick data access. End-users move their critical data to cloud-based storage to facilitate quick archival and retrieval of data.
However, such end-users are facing data security concerns while migrating their critical data to cloud infrastructure. Such challenges have an adverse impact on the attractiveness of cloud computing solutions and services, thus restricting the growth of the cloud service assurance market during the forecast period.
Principal Consultant
The cloud service assurance market in North America was the dominant market in 2019 in terms of market value. Over the forecast period, the cloud service assurance market in the USA is likely to be the most attractive market in terms of sustainable revenue generation.
Increasing demand for cloud service assurance in the U.S. may be owed to constant upgrades implemented into the cloud technology to enhance enterprise digital rights management and data management platforms.
The accelerated adoption of cloud computing tools and services will enable the Southeast Asia Pacific regional market to register the fastest growth rate during the forecast period. The cloud service assurance market in Europe is expected to offer the highest absolute opportunity by the end of the forecast period.
The strong growth rates in Europe and the Southeast Asia Pacific region may be owed to the booming telecommunication and IT industry in economies like Spain, France, India, and ASEAN countries.
Some of the key competitors in the global cloud service assurance market are Infosys Limited; Broadcom; Telefonaktiebolaget LM Ericsson; Hewlett Packard Enterprise Development LP; NEC Corporation; AMDOCS; Accenture; Comarch SA; Huawei Services (Hong Kong) Co., Limited; Nokia; and IBM, among others.
Following are some key tactics incorporated by the key players competing in the global cloud service assurance market:
The cloud service assurance market report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
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Cloud Service Assurance Market
